Fall 2016 #22

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in COPLFR.SAO

Part (a) asks:

Describe the standards a person must meet in order to be a Qualified Actuary to provide a Statement of Actuarial Opinion (SAO) in the U.S.

In the examiner's report, it lists a common mistake as "Suggesting that the actuary have to be a Fellow of the Casualty Actuarial Society".

Today, I was working through Spring 2019 #20, which asks:

Identify three errors or omissions in the IDENTIFICATION section above.

In the examiner's report, an accepted answer is "She needs to state she is a Fellow of Casualty Actuarial Society".

Did the requirements change between 2016 and 2019, or is this just an example of CAS exam inconsistency?

Comments

  • grahamgraham

    That's the problem with there being so many errors in the examiner's reports. You just never know whether you're missing something or it really is an error. In this case, I believe the answers are correct in both cases. You just have to be careful you're answering exactly what they asked for.

    • The difference here is that in the 2019 question, the question states that she is an FCAS. Then in the Identification section, the author must state their qualification, whatever that may be. In this case, she would state she is an FCAS, but if she had been an ACAS, that would have been acceptable too.
    • In the 2016 question, they asked about the standards for a qualified actuary. You can have any of these designations to be qualified: MAAA, FCAS, ACAS, or fully qualified member of another IAA-member organization. So saying she must be an FCAS would indeed be a mistake.
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